Venezuela is to Begin Trading Oil with the Countries token, the ‘Petro’

Venezuela’s president Maduro is a firm believer in cryptocurrency and good impact the nations token will have on the economy.

Back in February of 2018 the nations token, the petro, launched it’s presale much to the disliking of congress. Maduro is very forward thinking when it comes to solving the country’s financial problems with the petro, and ever since the presidents inception of idea congress has been against it.

Despite Congress’s feelings, petro sales became open to the public back in October on a government portal stating that all citizens who desire a passport must use petro. The petro was recently pegged to Venezuela’s new currency, the sovereign bolivar, back in July.

The Petro and Oil

In a report released by a local news source yesterday, president Maduro aims to begin using the petro to oil sales beginning next year in a part of his 6 year plan to restore Venezuela’s economy. Maduro aims to not only reduce Venezuela’s dependence on the dollar but to further diversify the global market.

“In 2019, we have a schedule for [oil] to be sold in petros and in this way continue to free us from a currency that the elite of Washington uses.”

Earlier this week president Maduro met in Moscow with Russian President Vladimir Putin. Russia is already actively trading with chinese yuan for oil and other products. Maduro aims to follow in Russia’s ‘progressive’ footsteps by trading oil in petros.

In 2019 the petro will be presented to the Organization of the Petroleum Exporting Countries (OPEC) as the “main digital currency backed by oil.” Leading the presentation will be Venezuela‘s minister of petroleum and the president of state-owned oil company PDVSA.

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